PENGROWTH ENERGY CORP. $1.41(Toronto symbol PGF; Aggressive Growth and Income Portfolios, Resources sector; Shares outstanding: 540.7 million; Market cap: $762.4 million; Priceto- sales ratio: 0.8; Dividend yield: 2.8%; TSINetwork Rating: Average; www.pengrowth.com) continues to sell less important properties and focus on more promising operations like its Lindbergh oil sands project in Alberta.
< p>The company has now agreed to sell its Bodo project in eastern Alberta for $95 million. Including this deal, it has now sold $260 million worth of properties in 2015 and expects to reach its full-year goal of $600 million in asset sales.
< p>Pengrowth will use the proceeds to pay down its long-term debt, which stood at $1.9 billion on June 30, 2015. That’s a high 2.5 times its currently depressed market cap.
< p>The company has also stopped paying monthly dividends of $0.02 a share. Instead, it will shift to a quarterly payout of $0.01 a share starting in December 2015. The new annual rate of $0.04 a share yields 2.8%.
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Privacy Policy and Terms of Use
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